,,ii  #aaith ,,congress  #ast ,session  
,s4 #aiej  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,june #d1 #bjbe
 ,mr4 ,husted 7for himself1 ,mrs4       
,gillibrand1 ,mr4 ,moreno1 ,mr4 ,peters1
 ,mr4 ,fetterman1 ,ms4 ,baldwin1 and    
,mr4 ,wicker7 introduced the following  
bill2 which was read twice and referred 
to the ,committee on ,health1           
,education1 ,labor1 and ,pensions  ,a   
,,bill  ,to increase the benefits       
guaranteed in connection with certain   
pension plans1 and for other purposes4  
#a4  ,short title  ,this ,act may be    
cited as the ,susan ,muffley ,act of    
#bjbe4  #b4  ,guaranteed benefit        
calculation for certain plans  7a7  ,in 
general  7#a7  ,increase to full vested 
plan benefit  7,a7  ,in general  ,for   
purposes of determining what benefits   
are guaranteed under section #djbb of   
the ,employee ,retirement ,income       
,security ,act of #aigd 7#bi ,u4,s4,c4  
#acbb7 with respect to an eligible      
participant or beneficiary under a      

covered plan specified in paragraph 7#d7
 in connection with the termination of  
such plan1 the amount of monthly        
benefits shall be equal to the full     
vested plan benefit with respect to the 
participant4  7,b7  ,no effect on       
previous determinations  ,nothing in    
this ,act shall be construed to change  
the allocation of assets and recoveries 
under sections #djdd7;a7 and #djbb7;c7  
of the ,employee ,retirement ,income    
,security ,act of #aigd 7#bi ,u4,s4,c4  
#acdd7;a72 #acbb7;c77 as previously     
determined by the ,pension ,benefit     
,guaranty ,corporation 7referred to in  
this section as the corporation7 for the
 covered plans specified in paragraph   
7#d71 and the corporation's applicable  
rules1 practices1 and policies on       
benefits payable in terminated          
single-employer plans shall1 except as  
otherwise provided in this section1     
continue to apply with respect to such  
covered plans4  7#b7  ,recalculation of 
certain benefits  7,a7  ,in general  ,in

 any case in which the amount of monthly
 benefits with respect to an eligible   
participant or beneficiary described in 
paragraph 7#a7 was calculated prior to  
the date of enactment of this ,act1 the 
corporation shall recalculate such      
amount pursuant to paragraph 7#a71 and  
shall adjust any subsequent payments of 
such monthly benefits accordingly1 as   
soon as practicable after such date4    
7,b7  ,lump-sum payments of past-due    
benefits  ,not later than #ahj days     
after the date of enactment of this     
,act1 the corporation1 in consultation  
with the ,secretary of the ,treasury and
 the ,secretary of ,labor1 shall make a 
lump-sum payment to each eligible       
participant or beneficiary whose        
guaranteed benefits are recalculated    
under subparagraph 7,a7 in an amount    
equal to--  7i7 in the case of an       
eligible participant1 the excess of--   
7,i7 the total of the full vested plan  
benefits of the participant for all     
months for which such guaranteed        

benefits were paid prior to such        
recalculation1 over  7,,ii7 the sum of  
any applicable payments made to the     
eligible participant2 and  7ii7 in the  
case of an eligible beneficiary1 the sum
 of--  7,i7 the amount that would be    
determined under clause 7i7 with respect
 to the participant of which the        
eligible beneficiary is a beneficiary if
 such participant were still in pay     
status2 plus  7,,ii7 the excess of--    
7aa7 the total of the full vested plan  
benefits of the eligible beneficiary for
 all months for which such guaranteed   
benefits were paid prior to such        
recalculation1 over  7bb7 the sum of any
 applicable payments made to the        
eligible beneficiary4  ,notwithstanding 
the previous sentence1 the corporation  
shall increase each lump-sum payment    
made under this subparagraph to account 
for foregone interest in an amount      
determined by the corporation designed  
to reflect a #f percent annual interest 
rate on each past-due amount            

attributable to the underpayment of     
guaranteed benefits for each month prior
 to such recalculation4  7,c7  ,eligible
 participants and beneficiaries  7i7    
,in general  ,for purposes of this      
section1 an eligible participant or     
beneficiary is a participant or         
beneficiary who--  7,i7 as of the date  
of the enactment of this ,act1 is in pay
 status under a covered plan or is      
eligible for future payments under such 
plan2  7,,ii7 has received or will      
receive applicable payments in          
connection with such plan 7within the   
meaning of clause 7ii77 that does not   
exceed the full vested plan benefits of 
such participant or beneficiary2 and    
7,,iii7 is not covered by the #aiii     
agreements between ,general ,motors and 
various unions providing a top-up       
benefit to certain hourly employees who 
were transferred from the ,general      
,motors ,hourly-,rate ,employees        
,pension ,plan to the ,delphi           
,hourly-,rate ,employees ,pension ,plan4

  7ii7  ,applicable payments  ,for      
purposes of this paragraph1 applicable  
payments to a participant or beneficiary
 in connection with a plan consist of   
the following3  7,i7 ,payments under the
 plan equal to the normal benefit       
guarantee of the participant or         
beneficiary4  7,,ii7 ,payments to the   
participant or beneficiary made pursuant
 to section #djbb7;c7 of the ,employee  
,retirement ,income ,security ,act of   
#aigd 7#bi ,u4,s4,c4 #acbb7;c77 or      
otherwise received from the corporation 
in connection with the termination of   
the plan4  7#c7  ,definitions  ,for     
purposes of this subsection-- 7,a7 ,full
 vested plan benefit ,the term full     
vested plan benefit means the amount of 
monthly benefits that would be          
guaranteed under section #djbb of the   
,employee ,retirement ,income ,security 
,act of #aigd 7#bi ,u4,s4,c4 #acbb7 as  
of the date of plan termination with    
respect to an eligible participant or   
beneficiary if such section were applied

 without regard to the phase-in limit   
under subsection 7b77#a7 of such section
 and the maximum guaranteed benefit     
limitation under subsection 7b77#c7 of  
such section 7including the             
accrued-at-normal limitation74  7,b7    
,normal benefit guarantee  ,the term    
normal benefit guarantee means the      
amount of monthly benefits guaranteed   
under section #djbb of the ,employee    
,retirement ,income ,security ,act of   
#aigd 7#bi ,u4,s4,c4 #acbb7 with respect
 to an eligible participant or          
beneficiary without regard to this ,act4
  7#d7  ,covered plans  ,the covered    
plans specified in this paragraph are   
the following3 7,a7 ,the ,delphi        
,hourly-,rate ,employees ,pension ,plan4
  7,b7 ,the ,delphi ,retirement ,program
 for ,salaried ,employees4  7,c7 ,the   
,,phi ,non-,bargaining ,retirement      
,plan4  7,d7 ,the ,,asec ,manufacturing 
,retirement ,program4  7,e7 ,the ,,phi  
,bargaining ,retirement ,plan4  7,f7    
,the ,delphi ,mechatronic ,systems      

,retirement ,program4  7#e7 ,treatment  
of ,,pbgc determinations ,any           
determination made by the corporation   
under this section concerning a         
recalculation of benefits or lump-sum   
payment of past-due benefits shall be   
subject to administrative review by the 
corporation4 ,any new determination made
 by the corporation under this section  
shall be governed by the same           
administrative review process as any    
other benefit determination by the      
corporation4  7b7  ,trust fund for      
payment of increased benefits  7#a7     
,establishment  ,there is established in
 the ,treasury a trust fund to be known 
as the ,delphi ,full ,vested ,plan      
,benefit ,trust ,fund 7referred to in   
this subsection as the ,fund71          
consisting of such amounts as may be    
appropriated or credited to the ,fund as
 provided in this section4  7#b7        
,funding  ,there is appropriated1 out of
 amounts in the ,treasury not otherwise 
appropriated1 such amounts as are       

necessary for the costs of payments of  
the portions of monthly benefits        
guaranteed to participants and          
beneficiaries pursuant to subsection 7a7
 and for necessary administrative and   
operating expenses of the corporation   
relating to such payments4 ,the ,fund   
shall be credited with amounts from time
 to time as the ,secretary of the       
,treasury1 in coordination with the     
,director of the corporation1 determines
 appropriate1 out of amounts in the     
,treasury not otherwise appropriated4   
7#c7  ,expenditures from ,fund  ,amounts
 in the ,fund shall be available for the
 payment of the portion of monthly      
benefits guaranteed to a participant or 
beneficiary pursuant to subsection 7a7  
and for necessary administrative and    
operating expenses of the corporation   
relating to such payment4  7c7          
,regulations  ,the corporation1 in      
consultation with the ,secretary of the 
,treasury and the ,secretary of ,labor1 
may issue such regulations as necessary 

to carry out this section4